Suite 650 – 789 West Pender Street Vancouver BC V6C 1H2
Telephone:
604-685-9255
Website: www.northerncontinental.ca
Toll Free
1-800-449-4435
TSX-V:
NCR
February 20, 2008
News
Release
NR 08-06
HATHOR’S HOSTILE BID FOR NORTHERN
CONTINENTAL EXPIRES
Vancouver, British Columbia –Northern Continental Resources Inc.
(TSX-V: NCR) announces today that a
hostile takeover bid made by Hathor Exploration Limited on
November 16, 2007 has expired.
Hathor offered NCR shareholders 0.4 HAT shares for each NCR
share tendered to the bid. NCR Directors,
after reviewing independent analysis, firmly rejected the
Hathor offer. Yesterday, NCR’s stock price closed
at $0.31; Hathor’s stock price was $0.47.
After Hathor made its unsolicited takeover bid, Northern
Continental raised $4.5 million, of which $4 million will be devoted
to an extensive 2008 drilling program at the Russell Lake uranium property
in the Athabasca Basin of Saskatchewan.
Northern Continental assumed management of the Russell Lake exploration and drilling program at
the end of October 2007.
In the summer of 2007, Hathor completed six holes of a
proposed fourteen-hole, first-year drilling program.
“We are optimistic our much more comprehensive 2008 Russell Lake drilling program will yield
tangible results based upon
a $3 million geophysical program that has identified
numerous zones with the potential to host uranium mineralization ,”
said Alan Crawford,
President and CEO.
Northern Continental owns a 60% controlling interest in the Russell Lake uranium
property. The remaining 40% is joint ventured to Hathor.
NORTHERN
CONTINENTAL RESOURCES INC.
“Alan Crawford”
Alan
Crawford
President
The TSX Venture Exchange has not
reviewed, and does not accept responsibility for the adequacy or accuracy of
the contents of this news release.
Contact: Douglas Hickey,
VP Corporate Communications 1-800-449-4435